Is it possible to do Conditional Formatting that result in TEXT display not color change?

Hi everyone,

EDIT: If you don't think the below is possible, please let me know by posting here so I can move on and try other stuff. Thanks.

I was wondering if it is possible and how if so to do conditional formatting on a bunch of cells but instead of having those cells changing colour, the cells would display text like "Error" or something.

So if I select a bunch of cells, I want all those cells to display "Error" if the following xxx conditions are met. The cells I am selecting already have formulas and I dont want to have to do an IF statement for each individual cell.

Thanks for your help! Also could you please explain in detail on how because I am not very familiar with excel :p

Btw i have excel 2010.

Thanks again!